YOKOREI CO.,LTD.
2874・Prime Market・Wholesale Trade
Business
Yokorei Co., Ltd. was founded in 1948 and is listed on the Prime Market of the Tokyo Stock Exchange as a comprehensive food cold-chain logistics company. In its cold storage business, it provides refrigerated and frozen storage for marine products, livestock products, and agricultural products through a nationwide network of distribution centers, and also maintains overseas bases in Thailand, Vietnam, and elsewhere. In its food sales business, it handles wholesale, processing, and import/export of marine, livestock, and agricultural products, accounting for approximately 74% of group sales. The company also operates a customs clearance business and real estate leasing, among others. The group structure includes 2 consolidated subsidiaries, 5 non-consolidated subsidiaries, and 2 affiliated companies, with consolidated net sales of ¥125,563 million for FY2025 (ended September 2025).
Business Model
The cold storage warehouse business is a stable-earnings model that collects storage and handling fees at logistics centers nationwide, achieving a high operating margin of approximately 21% in FY2021 (ending September 2021). The food sales business, which involves the procurement, processing, and sale of marine, livestock, and agricultural products, follows a low-margin, high-volume sales model, generating net sales of ¥81,457 million, but continues to post operating losses. Through mutual complementarity between the two businesses (integrating storage and sales), the company aims to capture added value across the entire food distribution chain.
Company Strengths
Operating numerous logistics centers both domestically and overseas, the cold storage warehouse business posted net sales of ¥28,281 million and operating profit of ¥5,977 million (operating margin of approximately 21%) in FY2021 (ended September 2021). Over the past two fiscal periods, five new logistics centers in Japan and one in Vietnam have been brought online, continuing to expand storage capacity.
The company has built state-of-the-art sorting and freezing facilities (Kesennuma Sorting Spot II, Hirado Ice Factory) at leading fishing ports in Japan such as Kesennuma and Hirado, establishing a proprietary "Jigyo-hin" (in-house handled goods) model that integrates the purchasing, freezing, storage, and sale of marine products entirely in-house. This achieves both procurement cost control and sales channel expansion.
Based on the Medium-Term Management Plan (Phase I), the company plans approximately ¥30.0 billion in cold storage warehouse investment over three years. Total capital expenditure reached ¥13,744 million in FY2021 (ended September 2021), including the newly built Fukuoka Island City Logistics Center. Supported by operating cash flow of ¥13,311 million and depreciation expense of ¥6,688 million, the company has established a funding structure combining internal funds with long-term borrowings and corporate bonds.
ENVALITH's Perspective
Performance Trend
Revenue moved broadly sideways from ¥109,794 million in FY2021 to ¥125,563 million in FY2025. Operating profit bottomed out at ¥3,588 million in FY2023 (net income posted a large loss that year) and has since been on a recovery trend, improving sharply to ¥4,106 million (up 35.0% year on year) in the first half of FY2026 (ending September 2026). Ordinary profit came to ¥4,304 million (up 65.3% year on year), and net income attributable to owners of the parent for the first half was ¥2,849 million (up 70.5% year on year). External tailwinds included robust growth in demand for frozen foods and progress in price revision negotiations. Full-year guidance was revised upward to revenue of ¥125,000 million (down 0.4% year on year), operating profit of ¥7,000 million (up 65.2% year on year), and net income of ¥4,800 million (up 142.6% year on year). The equity ratio improved to 39.6% (from 38.6% at the previous fiscal year-end).
Growth Strategy
Sophistication of the earnings structure through active investment in cold storage warehouses and the shift from 'volume to quality' in food sales
Over the past two fiscal periods, a total of six new distribution centers commenced operations, five in Japan and one in Vietnam. Construction in progress has surged to ¥13,635 million, and the company expects capacity expansion and accumulated storage revenue from the launch of additional new centers in future periods.
The company has advanced fee revision negotiations in both the cold storage warehouse business and the food sales business, passing on cost increases through pricing. This contributed to increased revenue and profit in both segments in the first half of FY2026 (ending September 2026), and negotiations are expected to continue.
The company has shifted toward a profit-focused business structure through reviewing low-margin transactions, strengthening inventory management, and improving inventory turnover. Operating profit in the food sales business for H1 FY2026 (ending September 2026) rose 107.3% year on year to ¥1,450 million, marking a record first-half profit and demonstrating the effects of this transformation.
Thai Yokorei achieved increased revenue and profit by maintaining a high occupancy rate while advancing fee revision negotiations. In Vietnam, a new distribution center has also commenced operations, and the company continues to expand its cold storage warehouse network across Asia.
In the final year of the medium-term management plan, the company is strengthening the provision of Smart Cold services in the cold storage warehouse business and leveraging its network of producers in Japan and overseas in the food sales business. The upward revision of the full-year earnings forecast for FY2026 (ending September 2026) reflects steady progress in the plan.
Last updated: July 17, 2026